‘So little’?: Why critics of Temasek’s 10.5% returns in a bull run are getting it wrong

​WHEN state-owned investment company Temasek on Wednesday (Jul 8) unveiled its FY2026 review, the headline figures were undeniably strong: a net portfolio value surging to a record S$518 billion, bolstered by a net investment gain of S$20 billion and a one-year Total Shareholder Return (TSR) of 10.5 per cent.

But there was a fair bit of criticism. “A low-cost S&P 500 index fund would have given a better return,” one Facebook user commented.

Another pointed to Temasek’s 20-year TSR of “only” 6.8 per cent. “So little,” the user said, claiming that he generated similar returns on his own portfolio over the same period. “But I didn’t pay millions to do it.”